Woori Technology to Submit 'Legislative Proposal' for Offshore Wind Power Project Contract with KEPCO Subsidiary within the Year

[Asia Economy Reporter Yoo Hyun-seok] Woori Technology announced on the 4th that it has submitted the Daejeong Wind Power Zone consent proposal to the Jeju Special Self-Governing Province Office to obtain approval at the Jeju Provincial Council meeting scheduled for mid-this month regarding the 'Daejeong Offshore Wind Power' project to be installed offshore near Jeju Island, and that the Jeju Provincial Office plans to proceed with the agenda submission.

The Daejeong Offshore Wind Power project was rejected at the Jeju Provincial Council plenary session in April this year, the final approval stage, due to "resident acceptance," and has been resubmitted this time. Since "resident acceptance" was the key issue for rejection, CGO has been conducting close business consultations with local residents and other stakeholders, and last week submitted and completed the receipt of the Daejeong Wind Power Zone consent proposal to the Jeju Special Self-Governing Province Office. Having addressed the previous issues, they believe the likelihood of the agenda passing at the provincial council is high.

Won Hee-ryong, Governor of Jeju Special Self-Governing Province, and the Jeju Provincial Council finalized the "Jeju-type New Deal Comprehensive Plan," which involves an investment of 6.1 trillion KRW linked to the government's "Korean New Deal Comprehensive Plan" last October, aiming to designate Jeju as a "Green New Deal Leading Region," creating a favorable environment for promoting wind power projects.

The Daejeong Offshore Wind Power project is a joint investment project between CGO and Korea Southern Power, a subsidiary of Korea Electric Power Corporation (KEPCO), with CGO owning a 25.1% stake. It is a large-scale project with a total budget of 570 billion KRW, aiming to establish a 100MW-class offshore wind power facility offshore near Jeju Island.

CGO and Korea Southern Power completed landscape and wind power reviews at the Jeju Special Self-Governing Province Office last year to promote the Daejeong Offshore Wind Power project, and in April this year, obtained approval for the district designation consent proposal at the Jeju Provincial Council standing committee. If they succeed in obtaining the council’s consent this time, the offshore wind power construction is planned to be completed in 2023.

A Woori Technology official said, "The Daejeong Offshore Wind Power project has been steadily promoted since last year, and since the likelihood of agenda approval is high, starting with the Daejeong project, we expect concrete results related to offshore wind power construction, including direct and indirect investments and business consultations for medium to large-scale offshore wind power projects of 200MW or more nationwide."

He added, "Governor Won Hee-ryong has expressed a policy stance not to spare support for wind power, announcing the 'Jeju New Frontier' strategy, which aims to produce 'green hydrogen' by electrolyzing water with electricity generated from wind power, following the announcement of the Jeju-type New Deal Comprehensive Plan, so there is a high possibility of receiving policy support for project progress."

This content was produced with the assistance of AI translation services.